York PA 2012 Real Estate Forecast

Looks like things are starting to stabilize here in York County after nearly four years of depreciation in the housing market locally. Looks like on average a 12% drop in prices have hit is this year. The silver lining in this cloud isthat prices have come down enough the the locally employed population can now afford to buy a home, especially with interest rates as low as 4%. For years as people from Maryland migrated here along with the higher wages they earned in Maryland they continued to push up the prices of homes. That trend has all but come to a halt. Maryland buyers use to make up nearly 80% of purchasers back in the pre-bubble days. It appears they are now around 12%.


Now is the time as a buyer to have a broad choice of homes to choose from at very reasonable prices and low mortgage payments. Lenders are loaning out money with as little as no money down with a USDA mortgage, or 3.5% total down paymentfor a FHA mortgage with help coming form the home seller in the form of a cash contribution. There are plenty of programs out there to choose from.

I expect 2012 to provide us with home price stabilization and even possible a slight tick up on prices. If you have been on the fence about buying a home now is the time to jump into the market.

Call the Pilgrim Team of Professional Realty Associates will we will help you to either buy or sell a home in a stress free way.

Cheltenham a Desirable Place to Call Home

This article should provide you some helpful information on the community called "Cheltenham". It is located in the northern part of the Central York School District (which is known for its lowest tax base in York County) also it is in Manchester Township.


The best way to get there is by driving I-83 to west on route 30 to right on Roosevelt Ave, and bear right on Greenbriar Rd, go approximately 2.5 mile past Cousler park and it located just past The Outdoor Country Club and across from Brittany II.

This are is one on the more desirable area's in the county due to the excellent schools, recreation and parks nearby. One of the main attractions would be the Outdoor Country Country Club with a membership of over 500 and is still seeking new members designed in 1959 by Ed Ault and it is a par 72 and 7000 foot course.

Cheltenham is surrounded by high end homes and the communities would include Brittany, Brittany II, The Outdoor Country Club, Country Club West and Hepplewhite Estates. It is not a large community consisting of approximately 107 home sites. The home sizes average from about 24 sq. ft. to over 3800 sq. ft. Lot sizes average about 1/3 acre. All Utilities are underground and include public water, sewer, natural gas and CATV.

As of this writing there are a few lots remaining that could be built on. If you would like information on those lots and what Builder would be available to build your custom home, please don't hesitate to call us here at The Pilgrim Team at Professional Realty Associates as we have the experience to make your build an enjoyable one. If you are looking for an existing home prices range form $234,000 to $299,900. If you would want us to provide further information contact us and we will be more than be of service to you.

The Neighborhood of Fountainhead

Anybody who is considering buying a home in York County Pennsylvania should stay informed by keeping up with my Blog. I will be describing Communities throughout the York area. I will be adding useful information on communities that will include the average price ranges, Lot sizes and area information.

Today I want to talk about the Community of Fountainhead located in York Township. It is a small neighborhood that consists of 26 lots that range in size from 1/3 acre to the largest being nearly 3/4 acre.

Home prices are typically in the low $300's to over $450,000. The predominant house style is the two story colonial with some brick and stucco exterior on the fronts and beaded vinyl siding making up the balance. Ray Markey Builders is and was the Builder of the neighborhood. The Builder is know for his innovative building materials that keep up with the latest trends in new construction. One of Ray's better known standard features include the ICF foundations. It is a foundation that comes nearly completed for drywall and is very energy efficient and also very water resistant. the quality of construction is second to none.

The neighborhood of Fountainhead is located near I-83 south of Useful Information about York PA, and is an easy commute for Baltimore bound people. It is also located near Apple Hill Medical Center which is a Well-Span campus that is more reminiscent of a indoor mall than a medical facility. You will find many indoor walkers using the area for their daily exercise and then stopping for a meal and sit down to meet neighbors. OSS is another medical facility that is within a mile that is primarily where Orthopedic Surgeons treat patients with back and spinal, and joint problems. They have recently opened a new wing that allows for overnight stays for patients.

Fountainhead is alos located in the Dallastown Area School District. The District is known for its achievements in Academics in particular Science and Math. There are just about any sports offered the students that range form Football, Wrestling, Basketball, Soccer, Swimming, Tennis, Golf, Field Hockey, Volleyball, Lacrosse and more.

So if you are looking for a charming neighborhood in a excellent setting with nearby ameneties check it out you won't be disappointed.

The Pilgrim Team Introduces Fox Run Creek Estates

The Pilgrim Team of Professional Realty Associates is proud to announce Lancaster Home Builders Newest Community located in Dover Towship in York County PA. Lancaster Home Builders is offering 13 home floor plans priced from the Mid $150's. House designns include Rancher, Two Story, Cape Cod. The Builder will work with the home buyer in some floor plan modifications so that the homeowner can modify a particular design to fit their individual needs and requirements. The Sales Representative is Jerry Pilgrim Broker of Professional Realty Associates located in York, PA.




Open houses will begin in early November on weekends, but appointments can be arraigned to meet with a representative to tour different floor plans throughout the week. Bring your own house design and we will be glad to work with you.



Fox Run Creek Estates is located in an area of York County wit gently rolling hills with scenic vistas of the Skytop area north of Dover, PA. Parks including Pinchot State Park, Ski Roundtop are nearby. For more information visit us at: Fox Run Creek

What is Private Mortgage Insurance?

Once a home has been purchased and you go to closing you may be required to purchase private mortgage insurance (PMI) . This insurance is payable to a lender and is specifically to offset losses in the case where a mortgagor is not able to repay the loan and the lender is not able to recover its costs after foreclosure and sale of the mortgaged property.

PMI insurance protects the lender, not the homeowner and it is typically required by lenders due to the higher level of default risk that's associated with low down payment loans. This type of insurance is usually only required if the downpayment is less than 20% of the sales price or appraised value (in other words, if the loan-to-value ratio (LTV) is 80% or more)

The cost of PMI premiums vary, but typically they fall between one-half and one percent of the loan amount, depending on the size of the down payment and loan specifics. These costs are in addition to your mortgage payment and not usually tax deductible. The PMI may be payable up front, or it may be capitalized onto the loan.


Many homebuyers want to know how long they will be required to have this insurance. If you are currently paying PMI, you will need to continue paying your premiums until you pay down your mortgage to the point that it equals 80 percent of the original purchase price or appraised value of your home at the time the loan was obtained, whichever is less.

You have another option where the lender will automatically cancel the payments but they wont do this until you 22% equity in the home rather than 20%. Keep in mind you do have the right to cancel PMI at the 20% mark a lender won't automatically cancel it for another 2 percent

Home Purchase Agreements

During the homebuying process, you will be required to submit what is known as a real estate purchase agreement to the seller. This agreement will be between you and the builder if the home you are buying is a new construction. The purpose of this agreement is a legal document between the buyer and the seller and will outline certain to aspects of the sale, including the purchase price.

The real estate purchase agreement also indicates specifics of the sale such as the time frame for the sale and any conditions or contingencies relating to the sale, and other things you should be aware of.

As with any other legal contract, a real estate contract may be formed by one party making an offer and another party accepting the offer. Typically, the party making the offer prepares a written real estate contract, signs it, and transmits it to the other party who would accept the offer by signing the contract. At this point, the other party may accept the offer, reject it or make a counteroffer. To be enforceable, a real estate contract must possess original signatures by the parties and any alterations to the contract must be initialed by all the parties involved.

Because these agreements can be confusing, it is always a good idea to work with a real estate professional when dealing with legal forms before signing if you have any questions or are confused with any of the terms.